Whether you are doing a little belt-tightening this year or you’re looking for ways to pay for all of the items on your holiday shopping list, selling old scrap gold and jewelry is a quick way to earn fast cash. We can all think of at least a few items of jewelry we hardly ever wear – maybe it’s a watch someone gave you as a graduation present, an earring without a match, a broken bracelet, or a ring that no longer fits your ring finger. Whatever the reason and whatever you’re looking to spend it on, selling scrap gold and old jewelry is one way to earn a little extra spending money.
Before you sell your items to the first place that pops into your mind, consider the pros and cons of selling old jewelry and gold items first.
Cons of Selling Scrap Gold and Jewelry
- Resale value for old, used or broken jewelry is in most cases not going to be what you paid at the original time of purchase. Jewelry stores usually mark up their jewelry much higher than the price of the precious metals contained in them so just like a car loses value as you drive it off the lot, jewelry once its been taken out of the store, loses value as well.
The good thing about selling used gold items is that gold historically keeps its value and in a time of economic downturn, the price of gold actually goes up! That’s because investors know that gold is a solid investment choice. As the price of gold rises around the world, the amount you can sell scrap gold for goes up too.
- There are a lot of options out there for where to sell gold jewelry or other valuable items online, so you’ll need to do your research to pick the best one for you. First, do your research to help better understand how much your item is worth. Getting your items appraised can usually be done for free at a local jewelry store or online retailer. Or, look for the hallmark stamp to identify how much gold is in the item (its karat).
After you understand the value of your items, consider the different types of places available to you for selling gold items and weigh the individual pros and cons of each one. Take a look at the pro list below for some recommendations.
Pros of Selling Scrap Gold and Jewelry
- Having a lot of different ways available to sell can be a positive, as long as you consider all of the options before you sell:
- Pawnshops – specializing in buying and selling items back to the original owner or another buyer, usually for a higher markup. Pawn shops offer a fast option for selling gold items or other jewelry and there may be one located in your neighborhood. But, you typically won’t get the highest price possible for your items from a pawn shop. In fact, most won’t be able to tell you exactly how much your item is worth because they’re not experts in jewelry or certified appraisers.
- Consignment shops – like a pawn shop, your community may also have a consignment shop that sells old jewelry. These stores usually sell the item for you and take a fee off the top, up to 40% off. Just like a pawn shop, a consignment shop won’t get you the top price for the item and the fee can be steep.
- Online buyers – Another quick and safe option is selling your gold items online through a professional dealer where you mail in your items. A reputable online dealer employs certified staff who can give you a professional evaluation of how much the item is worth. They will usually pay for the shipping of the items and the appraisal, so you get the value of the items for free. Online buyers usually have a lower overhead than brick and mortar store fronts so those savings get passed on to the customer.
- Many places that buy gold jewelry offer a price-match guarantee. That means it’s worth it to take your time, collect a few offers and select the best one for you. A reputable online dealer will usually offer a price match guarantee, giving you the best price for your items or matching any other offer you receive.
How to sell your items for the best price
Once you’ve selected the jewelry items you are looking to sell, or scrap gold, and you’ve done your research, you should understand about how much you expect to receive in cash for the gold. Whether that’s looking at how much other items sell for online or getting a professional appraisal to learn the value, it’s best to do your homework before you begin.
Next, look at all of the options out there, from your local pawn or consignment shop to selling online and pick the option that’s right for you. One way to help decide may be online reviews. Most small businesses and online retailers advertise their customer reviews right on their website. Take a look at what others have experienced using the online retailer or local shop to help you decide which is best for you.
Finally, once you’ve picked the best buyer, consider the pros and cons of selling old jewelry. You can expect to receive a fair bit less than what you paid for the items new, but also understand that gold keeps its value over time and that old jewelry and gold can earn a good price, even if items are broken or scratched. Next, consider that most places offer a price-match guarantee, so it’s in your best interest to ‘shop around’ and compare a few offers for your items.
Whatever you’re saving money for, selling unwanted jewelry and broken or unworn items may be a quick way to get you to your goal. Selling items online or at a local store can earn you quick cash for your old jewelry and gold items and understanding what options are out there can help you get the best price
